Small business tax rate is down by 10%
Feb. 01, 2019
Global Korean Post
The federal government announced Ministers discussed with small business owners and entrepreneurs about opportunities for growth, and our government’s continued plan to help small businesses start-up, scale-up, and access new markets.
Minister Mary Ng, travelled across the country and heard from over 600 businesses about what’s working, and what more needs to be done.
All the while, PS Hebert was hosting similar conversations in Québec, hearing from over 150 different businesses on the road.
The government said that one of the things ministers talked about was the small business tax cut, which came into effect on January 1st.
By reducing the rate from 10% to 9% this year, the government committed to putting more money in the pockets of small businesses, and making it easier for entrepreneurs to create good quality and well-paying jobs. As a consequence, small businesses will benefit from one of the lowest small business tax rates in the world, and save up to $7,500 more per year.